The objective of this compartment is to achieve positive absolute returns by investing primarily in any form of debt securities (such as government or corporate bonds, convertible bonds, inflation-indexed bonds, ABS, MBS), money market instruments and currencies. The compartment may invest directly or indirectly in any country (including emerging countries), in any economic sector and in any currency.

?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.

1.44%

Fund size

£1,551m (£1,178m last year)

FE Risk score

?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.

?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.

-

Beta

?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.

-

Sharpe

?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.

-

Volatility

?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.

-

Tracking error

?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.

-

Information ratio

?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.

-

R-Squared

?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.

-

Price movement

52 week high152.72

52 week low145.67

Current bid price-

Current offer price-

Current mid price150.35

Region

1

Others

61.93%

2

Germany

12.11%

3

Italy

5.69%

4

Denmark

4.96%

5

Norway

4.13%

6

Sweden

3.69%

7

France

2.97%

8

Mexico

2.47%

9

Spain

2.1%

Industry sector

1

AA

37.09%

2

AAA

20.87%

3

BBB

19.96%

4

A

8.53%

5

BB

8.3%

6

Non-Rated

2.78%

7

B

2.43%

8

C

0.04%

Asset type

1

Global Government Fixed Interest

34.1%

2

Global Fixed Interest

17.8%

3

Global Emerging Market Fixed Interest

17%

4

Others

16.3%

5

Global Investment Grade Fixed Interest

13.8%

6

Global Index Linked

1%

Individual holdings

No data available.

Management

Fund manager group

Pictet

Fund manager company

Pictet Asset Management (Europ

Fund type

Offshore Fund

Fund objective

The objective of this compartment is to achieve positive absolute returns by investing primarily in any form of debt securities (such as government or corporate bonds, convertible bonds, inflation-indexed bonds, ABS, MBS), money market instruments and currencies. The compartment may invest directly or indirectly in any country (including emerging countries), in any economic sector and in any currency.

Benchmark

ML Swiss franc o/n libor

Investment style

Absolute Return

Investment method

Fixed Interest

Fund managers

Name

Since

Biography

Andres Sanchez Balcazar

12/12/2013

Andres Sanchez Balcazar is Co-Head of the Global and Regional Bond team. He joined Pictet Asset Management in March 2011 from Western Asset Management where he was one of the senior portfolio managers responsible for global macro, asset and currency allocation. Before Western Asset Management, Andres spent five years with Mercury/Merrill Lynch Investment Managers.

Thomas Hansen

12/12/2013

Thomas Hansen joined Pictet Asset Management in 2011 and is an Investment Manager in the Global & Regional Bonds team. Before joining Pictet, he was an ABS Evaluator at Interactive Data, covering the European ABS markets. Between 2006 and 2010 he worked as a Portfolio Analyst at Western Asset Management, specializing in ABS, covered bonds, supranationals, sovereign bonds and agencies. In 2006 he was an Assistant Fund Manager at Baltic Property trust. He started his career in 2004 at Nykredit, as an Assistant Portfolio Manager. Thomas graduated with a Master’s degree in Finance & Business from the University of Aarhus. He is a Chartered Financial Analyst (CFA) charterholder and also holds the Investment Management Certificate.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Moneywise and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.

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